As indicated in the Making Ethical Decisions box, financial controls not only help a firm increase earnings, the process protects a firm from mismanaging funds and even overstating expenses.
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Q41: Financial control is a process where firms
Q42: The operating (master) budget identifies the funds
Q46: Forecasting means determining how closely the actual
Q49: By identifying variances from the financial plan,
Q51: Budgets are prepared after the financial forecasts
Q52: The main objective of financial control is
Q55: A company's capital budget helps management plan
Q56: A budget's primary purpose is to provide
Q57: To be effective, budgets are prepared independently
Q59: Budgets assist managers in performing the functions
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